www.xtractenergy.co.uk
Xtract Energy identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. We aim to engage closely with the associate management teams to achieve project milestones, finance early stage asset and business development activity, and then finance the asset development phase, or if appropriate, crystallise value for all shareholders at a suitable exit point. We aim to achieve returns for our shareholders through access to the significant upside rewards associated with our investments.
Xtract Energy Plc (‘Xtract’) was established in 2004 (as then Resmex Plc) and its shares were admitted to trading on AIM at the end of March 2005.
Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December
Xtract Energy (LON:XTR) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.
Chevron Corp (NYSE:CVX) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.
Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.
Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.
Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30.
Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.
Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.
The Luna well will test the Rotliegendes play concept on the 01/11 license area.
Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential.
Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.
Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.
The group also has a 70 percent interest in the Xtract Energy (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.
Finally, Xtract's wholly owned subsidiary XOL is focused on the development of the company's oil shale resources in Australia and the technology for oil extraction from oil shale resources.
